Here (behind paywall). Excerpt: [I]f he hears an appeal from PHH v. CFPB, he will likely be sympathetic to PHH’s positions, both in terms of the unconstitutionality of the CFPB’s structure and in terms of the reach of its enforcement powers.
by Jeff Sovern For years, fans of economics have attempted to convert judges and lawyers to their mode of analyzing legal problems. For example, George Mason's Scalia Law School's Law & Economics Center has offered programs for judges for nearly four decades, and thus far has attracted more than 4,000 judges to its programs. It […]
by Jeff Sovern As we have discussed extensively, Wells Fargo opened millions of sham accounts in its customers' names. The CFPB responded by fining Wells $100 million. But under Financial Services Chair Jeb Hensarling's proposed Financial Choice Act 2 bill, the CFPB would have been powerless to do anything about Wells's scam. That's because, according […]
by Jeff Sovern Here. Excerpt: I talked to [Jim] Purcell [of State National Bank in Big Spring] this week. He says the bureau spreads its tentacles too far. He complains that there's no appeal for the bureau's decisions, that it's too independent of Congress and the president (by design, and for obvious reasons, I might […]
by Jeff Sovern On Tuesday, as widely reported, the Senate silenced Senator Elizabeth Warren. Now House Financial Services Chair Jeb Hensarling wants to silence complaining consumers by eliminating the ability of Senator Warren's creation, the Consumer Financial Protection Bureau, to operate a consumer complaint database. The Dodd-Frank Act, in 12 U.S.C. § 5511, provides that: […]
The WSJ has a report here (behind paywall). In the next version of the Financial Choice Act, House Financial Services Chair Jeb Hensarling is also reported to be considering eliminating the Bureau's supervisory authority, power to regulate payday lending, consumer complaint database and its research and consumer education functions. The goal appears to be to […]
FairWarning reports that "Tobacco giant R.J. Reynolds, the top seller of the menthol cigarettes favored by most black smokers, is seizing on the hot button issue of police harassment of blacks to counter efforts by public health advocates to restrict menthol sales." The full story is here.
by Jeff Sovern Last Friday, President Trump announced an Executive Order on Core Principles for Regulating the United States Financial System. Here is the list: (a) empower Americans to make independent financial decisions and informed choices in the marketplace, save for retirement, and build individual wealth; (b) prevent taxpayer-funded bailouts; (c) foster economic growth and […]
This article by LA Times reporter Jim Puzzanghera explains how congressional democrats are planning to defend the Dodd-Frank financial reform litigation from serious incursions or repeal.